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[VIC] Price Locked until Aug 2023 @ Lumo Energy

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[VIC] Price Locked until Aug 2023 @ Lumo Energy
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ezzaf on 02/06/2022 - 01:29 lumoenergy.com.au (1434 clicks)
Last edited 08/06/2022 - 22:51 by 1 other user

Wholesale electricity prices have gone through the roof, and smaller retailers are beginning to pass those increases through to customers.

Lumo still have good rates and allow you to lock the price through to 31 August 2023 with a fixed term contract. No exit fees apply.

Rates will vary by area, for Jemena VIC I got quoted:

Service to Property (c/day) 85.800
Anytime (c/kWh) 18.898

Additionally, get $70 cashback from cashrewards via econnex if you're a new customer to lumo: https://www.cashrewards.com.au/lumo-energy . It's not possible to stack a referral code with the cashback.

Offer is available on gas too ($42 cashback) but the quoted rates for me were uncompetitive. YMMV.

Cashback offer expired, still possible to sign up directly. Use the referral system for $50 gift card.

Referral Links

Referral: random (178)

VIC and SA only: Referrer and referee each get $50 eGift card after signing.

Electrical & Electronics Cashback Electricity

Related Stores

Lumo Energy
Lumo Energy
Cashrewards
Cashrewards
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closed Comments

  • TanedaR on 02/06/2022 - 02:29
    +2

    Just had a quick look, their daily service charge is 25% more expensive than my current plan.
    No thanks.

    • kazer on 02/06/2022 - 02:46
      +9

      Take it from someone working in the industry. The rates are going to rise by a significant amount. If your current rates are variable, your provider will increase them by July. So it might even be worthwhile to switch to lumo, take the $70 cashback and then switch back in a month if Lumo is more expensive once all retailers have changed their prices.

      • Seni0r El Cheapo on 02/06/2022 - 04:15

        Once locked, you can't change provide just like that - or can you?

        • ezzaf on 02/06/2022 - 05:13
          +2

          There's no exit fee, so you can leave whenever you like.

        • denserham on 02/06/2022 - 09:37
          +1

          You would have to wait 75 days to lock in that $70 cashback.

    • GeneralSkunk on 02/06/2022 - 08:19
      +1

      Yeah that’s the killer for me too, we have a 10kW Solar system and due to exporting more than we import most of the year the daily charge is the significant factor in our bills so I’m looking to save there.

      Any idea from anyone roughly how much electricity rates are going up in July? Someone mentioned 100% lower down but that might be gas.

    • peanutbutter123 on 02/06/2022 - 09:28

      Which one are you using?

    • 10101010101 on 02/06/2022 - 10:05

      Heaps of retailers are increasing prices from between 30 and 300%. Pretty F—-ed up how the regulators allow them to do so but hence why lock-in contracts are good especially when you're like me using over 31kwh/day!

  • MrKnowItAll on 02/06/2022 - 05:17

    19c/kw? Man we're getting ripped off at just under 27c in WA. Had no idea it could be this cheap.. for now anyway..

    • Wazowski on 02/06/2022 - 07:10
      +5

      31.57c in SA so don't complain!

      • Salty Pretzel on 02/06/2022 - 10:34

        I always have a good laugh when other states complain about their electricity rate.

  • Sidor on 02/06/2022 - 05:27
    +1

    I guess they won't pay $50 referral gift card as well as $70 from Econnex?

  • s0805 on 02/06/2022 - 05:55
    +1

    I am with OP on this. I signed up last week with Lumo on same plan. But did not use Cashrewards rather $50 for referral credit (random code from OB). Rates in Eastern suburbs of Melbourne (Ausnet) provided were also not that dearer than our current plan. worth considering…

  • diazepam on 02/06/2022 - 06:09
    -2

    Usage is 22c
    But supply is 93c… 30c more than reamped? Hmmmmmmmmmmmmmm time to change as they keep saying to do it not?

    • M00Cow on 02/06/2022 - 06:40

      And re-amped isn't taking new customers either.

      When you're onto a good thing….

      • s0805 on 02/06/2022 - 07:13
        +2

        I am getting sort of spammed by Reamped to to move to another retailer….apparently they will more than double the charges soon…

        • diazepam on 02/06/2022 - 11:12

          thought I'd take the gamble and stay. I can't get anything else remotely that good.
          My offer is like 20 something % under the vic default offer. Can they even double it like that?

        • DoctorCalculon on 06/06/2022 - 08:54
          +1

          apparently they will more than double the charges soon

          Maybe for other states with lax regulations.
          In VIC, they must at least offer a plan with VDO rates or below.

  • Theophilus Whistler on 02/06/2022 - 07:09
    +2

    Damn. Just transferred over last week. Wish I had have know about this! The rate lock is a no-brainer for me. I got an email from my gas retailer telling me to expect %100 price increase from July

    • M00Cow on 02/06/2022 - 07:36
      +2

      Ping them and ask for the lock in.

      It's pretty disgraceful that the cost of producing our energy has barely increased, yet because EU prices have increased, suppliers are allowed to price gouge.

      I bet the solar FITs won't increase like the retail prices will.

      • GeneralSkunk on 02/06/2022 - 08:15
        +1

        They said on the abcnews last night that the government is considering forcing the gas producers to allocate more for the Australian market. Because we’re have a shortage and therefore our prices are high. They are exporting much more than we use so it’s all about making money.

        It’s politically probably risky to force them but hell, I would. Just needs to be sold well to the voters and they’ll appreciate it, never mind the big business.

        • jollster101 on 02/06/2022 - 09:25
          +1

          Labour are for the people is what they said for the 6 weeks before the election, so it would be good to see this forced through so the little person does potentially win…..for once.

        • M00Cow on 02/06/2022 - 09:40
          +2

          Most other energy producing countries require the extraction companies to set aside enough for domestic consumption at cost plus a small margin, then allow them to export the rest at whatever rate. IMHO that's a smart idea, as it's the countries resources being exploited and we should be first dibs at it. It means we can manufacture things here at competitive pricing (because we'll have some of the lowest energy prices), but no, as lollies are only thinking short term for the country and some long term for themselves.

          But instead successive Govt are persuaded by lobby groups to allow them to do profit first. IMHO a lot of it has been corrupt, especially with ex-ministers ending up with well paid jobs in these industries.

          And what really irks me is one of the largest, ExxonMobil has paid $0 in company tax in $33b+ of income in 4years. Sure they pay resource tax, wage taxes, etc, but no company tax. Their cost have barely risen, their profits have substantially.

          https://michaelwest.com.au/exxonmobil-australia-pty-ltd-2019…

  • s0805 on 02/06/2022 - 07:14

    On the side note, does anyone know any gas retailer offering rate lock for VIC?

    • Schumi5 on 02/06/2022 - 07:50

      Tango & Lumo are the 2 I have seen with 12 month locked in rates

      • sintro on 04/06/2022 - 12:53

        Even if you switch now, you might not actually change over until past 1st July so you might get the increased rate locked in.

    • sexy on 02/06/2022 - 08:28
      +1

      Within Multinet service area, can see Tango, Lumo and Energy Australia offering locked prices. Went with EA

      • s0805 on 02/06/2022 - 08:36

        Let me check EA…I checked the other 2 rates…

  • DavoW on 02/06/2022 - 07:49

    Is lumo one of the larger suppliers or are they a reseller?

    • lgacb08 on 02/06/2022 - 08:14
      +1

      They're the cheaper arm of Red Energy, just like Qantas and Jetstar.

      • DavoW on 02/06/2022 - 10:35

        Thanks!

    • 10101010101 on 04/06/2022 - 12:58

      Owned by Snowy Hydro who are solely owned by the Australian government

  • edrift on 02/06/2022 - 07:49

    I signed up online but didn't receive any email confirmation.
    Did anyone have that issue?

    • nickeveli on 02/06/2022 - 08:23

      I had that issue going through Econnex/Shopback when signing up for Tango.

      The next day I got a message saying there was a technical issue and my transfer didn't complete.

      I ended up switching direct on the retailer site—didn't want the 'drawbridge' to get lifted as Reamped warned.

      • feihong on 02/06/2022 - 21:39

        I had the same issue but cashrewards did call me to explain that my meter type is currently on demand tariff anytime, which is incompatible with most plans out there, so hopefully it can be changed over soon before it's too late

    • PurpleClover on 02/06/2022 - 20:53

      I signed up online yesterday, still no news so far…
      Any update on your end?

      • edrift on 02/06/2022 - 22:03
        +1

        Yeah I contacted them and they called me back
        They said no confirmation email will be sent before back office has processed it.
        Takes 2 business days.

  • mooreshady on 02/06/2022 - 08:05

    Get a referral and boom! Both you and your referral gets $50 gift card each.

  • TomGum on 02/06/2022 - 08:11

    Where does it say price locked to Aug 2023?

    • Safoan on 02/06/2022 - 08:28
      +1

      I was just about to ask the same question. I am with amber and while it has been great so far but the wholesale price of electricity has Ben crazy high. Now it's showing $1.17 and later in the day predicted to be $18.74/kWh. I would like to be able to lock in the lower rate for a while if possible.

    • wannagrababargain on 02/06/2022 - 08:28

      Like any of these "fixed rate" contracts the "fixed" rate can still change. Also at the end you revert to the standard offer…that's how they get people, hoping people will set and forget and let it roll over.

      We may increase any fixed rates if you agree, your customer type is reclassified, your meter type changes or your fixed rates were based on incorrect information and assumptions. Before your contract term ends, we will notify you that your Market Retail Contract will end and that we will continue to sell you energy under a Standard Retail Contract (which is the Victorian Default Offer for electricity and standing offer rates for gas) unless you enter into a new retail contract with us or switch to another retailer.

      • Trueno on 02/06/2022 - 08:38

        "your fixed rates were based on incorrect information and assumption"

        we assumed your rate would cover our costs, it doesn't so we're putting it up.

        • wannagrababargain on 27/06/2022 - 11:52

          Yep. Basically cover-all get out of jail free clause.

  • congo on 02/06/2022 - 08:56

    Any good energy plans for NSW?

  • jwsc on 02/06/2022 - 09:16

    so called up to double check im eligible
    then followed the links and prompts but lumo isnt showing up…

  • The Project on 02/06/2022 - 09:22
    +3

    Is this for Victoria only? As soon as you switch tabs to SA, the "Fixed term contract with fixed low rates until 31 August 2023" no longer applies to any of the plans

    • andrew1879 on 02/06/2022 - 11:10
      +1

      I think you're right. I can see nothing indicating that SA rates are fixed.

    • ezzaf on 02/06/2022 - 13:56
      +1

      Sorry, it might well be. I've updated the post.

  • jwsc on 02/06/2022 - 10:15

    Hi
    Can someone give me their referral code and name and number?
    I tried to sign up using just the code and they said they need to verify the account.

    • M00Cow on 02/06/2022 - 10:52

      You can't just click on the

      REFERRAL LINKS
      Referral: random (55)
      Referrer and referee each get $50 eGift card after signing.

      At the bottom of the Post?

      • jwsc on 02/06/2022 - 11:26

        no, i had to get it done one the phone and they asked for details to verify.

        • DoctorCalculon on 06/06/2022 - 09:19

          Are you going through Cashrewards Econnex or signing up directly?

          I don't think you can do RAF with this Econnex deal.

          • jwsc on 06/06/2022 - 09:48

            @DoctorCalculon: I used the RAF because lumo wasn't showing up for me on Econnex

    • M00Cow on 02/06/2022 - 10:52

      You can't just click on the

      REFERRAL LINKS
      Referral: random (55)
      Referrer and referee each get $50 eGift card after signing.

      At the bottom of the Post?

  • huntress_love on 02/06/2022 - 12:05

    How much do you actually save by locking in rates? In Vic you can switch super fast these days, so change provider about every 5 weeks and get $50 to $100 signup credit/GC each time. personally think it will work out cheaper this way.

    • 10101010101 on 02/06/2022 - 12:11

      Not if rates double. Plus time is money. What's your personal time worth?

      • huntress_love on 02/06/2022 - 12:18

        may have do some maths on the rates.
        doesn't take long to switch, like 10mins online max, so not really a time issue.

        • DoctorCalculon on 06/06/2022 - 09:24

          doesn't take long to switch, like 10mins online max, so not really a time issue.

          Signing up online in 10 mins, versus being switched over are two different timeframes.

          Earlier this year, it happened within 3 days. Right now, you are looking at long waits as there are huge backlogs.

          • huntress_love on 06/06/2022 - 15:56

            @DoctorCalculon: Oh that's what you mean. Haven't noticed personally but yeah can be a little be of a delay sometimes, but still much faster since they changed legislation last Nov.

    • ezzaf on 02/06/2022 - 13:55
      +1

      It's hard to predict. If wholesale prices stay high retail rates could double.

      The best part is it's a free option. If in a month the market has settled down you can switch again and get another signup deal.

      If it hasn't and most retailers have left the market or stopped taking new customers, you stay with lumo until the end of the contract.

      • huntress_love on 02/06/2022 - 14:03

        make sense, will switch closer to july!

        • feihong on 02/06/2022 - 14:42

          There is also a risk of Lumo (and any other retailer for that matter) raising their fixed rates too between now and then, something to be mindful of.

  • Tock on 02/06/2022 - 12:21

    Only 10% GreenPower avaialble for the Jemena VIC plan and at a pretty high rate of 6.6c/kWh. By comparison ReAmped was 4c/kWh for 100%.
    Only thing stopping me signing up with Lumo and making me consider Oriign - almost a non-starter for me unless I can get 100% GreenPower.

    • 10101010101 on 02/06/2022 - 12:25

      Generate your own if you want to be truely green

      • Tock on 02/06/2022 - 12:27
        +3

        I have 6.6kW solar, removing gas and electrifying my home, etc. - but buying GreenPower goes the extra step and sends a signal to the market that consumers want more renewables for their usage (which I do).

  • sdit on 02/06/2022 - 13:10
    +1

    How do you choose Time of Day rather than Fixed Rates?

    • ezzaf on 02/06/2022 - 13:52
      +1

      It's based on the tariff attached to your matter, if you'd like time of use rates you can contact your retailer and ask them to change you to time of use

      • victorngel on 02/06/2022 - 13:59

        Can a retailer do that ? Been told that it's not changeable on my meter. Can only be time of use

        • ezzaf on 02/06/2022 - 14:40
          +1

          It's up to the distributor - that's the company that manages the poles and wires. Your retailer asks them and generally they will do it. It can vary based on circumstances. For a while the eastern Victorian distributor Austnet Services was refusing to allow customers to switch away from ToU but the Essential Services Commission overruled them.

          If they are your distributor it could be worth asking again.

  • krisp on 02/06/2022 - 17:42
    -1

    Honestly, I can't see any fixed term guarantee in their offer. More like a very clever advertising strategy. When you check fine print: This is a fixed term contract with fixed rates until 31 August 2023. We may increase any fixed rates if you agree, your customer type is reclassified, your meter type changes or your fixed rates were based on incorrect information and assumptions.

    • ezzaf on 02/06/2022 - 23:10

      Um, this part?

      "This is a fixed term contract with fixed rates until 31 August 2023"

      I would be A) very surprised if they tried to change the rates and B) even more surprised if the energy ombudsman didn't find in your favor if they did.

      I read that get out clause as written primarily in case the standing data for your NMI is incorrect, and they quote you based on the wrong tariff or network area.

  • Drifta on 02/06/2022 - 23:27

    Am I interpreting this correctly that people are able to get the $50 referral credit plus the $70 from cashrewards after 75 days? If so, How?

    • ezzaf on 03/06/2022 - 00:56
      +1

      I'm not aware of a way to do it. To get the cash rewards credit you have to signup through econnex's signup form which does not include an option to enter a referral code.

  • Lukian on 03/06/2022 - 02:15
    +1

    Reamped ~$2.99 per day (currently paying)
    Lumo ~$3.51 per day
    Tango ~$3.62 per day

    Thanks OP, signed up with Lumo

  • camMMM on 03/06/2022 - 12:28

    I signed up through econnex a few days ago and only recieved the confirmation email from them… nothing from lumo? anyone else get the same? or is this normal?

    • edrift on 03/06/2022 - 12:46

      Same. I contacted lumo afterwards and they said you won't receive and comms still they back office team have processed the application.
      I'm still waiting

      • kizashi on 06/06/2022 - 09:05

        Just wondering if got anything from Lumo yet? If so, how long did it take from Econnex sign up to then?

        • edrift on 06/06/2022 - 16:07
          +1

          Yep I got an email with my account number to refer people.
          Took about 3 business days?

          Haven't sacrifice l actually received a sign-up welcome pack yet

  • PennyWisePF on 03/06/2022 - 12:44

    Electricity In A Box emailed customers with a 95% increase coming up

  • 10101010101 on 04/06/2022 - 07:54
    +1

    Got email confirmation.
    Also another positive is that lumo is Australian owned by the government. Unlike many others that are owned by China e.g. Energy (China) Australia

    • DoctorCalculon on 06/06/2022 - 09:05

      Also another positive is that lumo is Australian owned by the government.

      Yep! Red and Lumo are 100% Australian owned subsidiaries of Snowy Hydro Limited. (*)

      I thought Tango was AU owned until I looked up the owners of Pacific Hydro Australia. :-(

      (*) However, I doubt Lumo Energy's call center is based in Australia.

  • BinnyC on 04/06/2022 - 12:09

    Can someone recommend a good website to compare gas and electricity with many providers?

    I am with AGL in VIC.and not sure if what I have is best deal or not.

  • DoctorCalculon on 06/06/2022 - 09:30

    @ezzaf - Probably worthwhile mentioning in the description that RAF $50 eGift card offer can't be stacked with this Cashrewards deal.

    • ezzaf on 07/06/2022 - 01:05

      I don't actually know what that is, but sure!

  • mightyhawks23 on 06/06/2022 - 10:34
    +1

    Anyone signed up to Lumo lately? Signed up online last Wed 1/6 and still haven't gotten any email/SMS acknowledging the application

    • edrift on 06/06/2022 - 11:47
      +1

      Yeah they don't email or SMS you anything till they've actually processed the application.
      There is no automated acknowledgement that they've received your application

      • pronoun on 06/06/2022 - 14:22

        Thank you. I was about to ask the same question as above, as I signed up on Friday and haven't heard at all from Lumo…
        I used OzBargain random referral button :D

        • mightyhawks23 on 07/06/2022 - 12:51

          Finally got email/SMS yesterday after applying last Wednesday. So should get confirmation after 3 working days

  • spaceman on 06/06/2022 - 16:46

    Does anyone know if Amazon gift card are still available on Lumo Rewards at 5% off? If yes, is there any monthly limits, extra fees etc? Would make switching a great deal to me if someone could confirm this. Thanks

    • feihong on 06/06/2022 - 17:12

      I know Lumo Reward is definitely no longer available for VIC customers since a few years back, but not sure about SA now

      • spaceman on 06/06/2022 - 17:57

        Thank feihong for your reply. Yes, it's definitely available for SA, even only for GAS connection, but they can't tell me anything about the reward program. The only thing they were able to tell me is that they don't run it and to contact "your lifestyle benefits", which I did but without reply so far (some time last week). So I was hoping someone who has access to the reward program here would know and let me know as I need to switch sometime this week and that could potentially make them way better.

        • feihong on 06/06/2022 - 18:30
          +1

          I can tell you from my HCF Thank you Reward (which also uses Lifestyle Reward like Lumo and NIB) that Amazon is 5% off + 1% fee (so effectively 4% off)

          • spaceman on 06/06/2022 - 20:19

            @feihong: Thanks a lot! I'll give them a go this week!

  • Drifta on 06/06/2022 - 19:20

    Anyone come across any stellar Gas deals? I'm currently with globird and with my 20+ yr old inefficient gas ducted heating it will be an expensive winter ahead. Globird prices have gone up and would be great to lock in rates too

    • kizashi on 06/06/2022 - 22:36

      Have a look at Energy Australia. and compare by https://compare.energy.vic.gov.au/

    • ezzaf on 07/06/2022 - 01:04

      Tango had pretty good rates in my area and also a 12 month price lock. You can get cashback for that too.

      • sohomel on 24/06/2022 - 09:20

        no fixed rate plan for vic any more, at least not available for my suburb

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